1960-1962 — Page 10

26. From 1st September, 1961 the sale of the $36 half-yearly scholar ticket which was valid for use during the school term only on four specified trains a day was discontinued because of the very small demand for it. The $48 half-yearly scholar ticket which permits travel on any train during the six month period except on Sundays and Public Holidays continues to be issued.

27. Accidents. The following accidents occurred during the year:

Trespassers killed by trains

3

Trespassers injured by trains

4

Passengers injured by falling onto the track

1

Passengers injured by trains

12

44

Coolies injured by goods wagon whilst shunting operation was

being performed

1

1

1

A

1

Staff injured while in execution of duty

Collision of a running light engine with a stationary passenger

coach

De-railment of a Chinese goods wagon

ACCOUNTS

28. Reference was made in the Report for 1960-61 to the examina- tion of the Railway's accounting system in progress at the end of that financial year. This review, which was completed in 1961-62, indicated that the form in which the accounts had hitherto been presented did not adequately reflect current realities, or provide a reliable guide to the Railway's operating efficiency. It was therefore decided to adopt a revised form of accounts as from 1st April, 1960, based on commercial accounting principles. This decision involved a survey of asset-values, a substantial writing-down of book-values, and the establishment of a Renewals Fund. This latter fund will provide for the future renewal of the major wasting assets (rolling stock and plant), based on estimates of life and of replacement costs.

29. The Accounts now published at Appendices I, II and III are therefore not comparable with those of previous years. The form of accounts is still under review and it is possible that further changes may be made next year.

30. On the basis of the reconstituted accounts, and after providing $1,320,434 for the Renewals Fund, a Gross Operating Profit of $3,869,135 was disclosed. The apparent increase of $622,900 over the previous year resulted primarily from a reversion to a more normal level of expenditure, since the previous year was burdened with the cost of extensive renovation of track and buildings. Gross Traffic Earnings

5

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